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Mah Sing acquires 10.89-acre land in Penang for RM43.8m

July 3rd, 2017 Leave a comment
Approximate site location

Approximate site location

Mah Sing Group Bhd (Mah Sing) has acquired two new pieces of prime lands in Batu 2.5 Cheras, Kuala Lumpur and Bukit Mertajam, Penang, for a total RM307.3mil.

It said the lands in Kuala Lumpur and Penang were for a proposed integrated development and a business park respectively with a combined GDV of RM2.35bil.

In Penang, Mah Sing added a new project into its stable with the acquisition of 10.89 acres of freehold land in Bukit Mertajam located along the south-western side of Jalan Permatang Tinggi.

The total purchase consideration amounted to RM43.8mil, including the costs for conversion premium, land clearance, earthworks and development planning for the land.

According to a valuation report by PPC International Penang SdnBhd, the market value of the land is RM45.31mil.

“Mah Sing plans to develop an industrial park using its award winning iParcconcept.

“The proposed development, with an estimated GDV of about RM150mil, will offer well-conceptualised multi-functional industrial spaces comprising a mix of shop offices and light industrial factories,” it said.

The proposed development is scheduled for a preview in Q3 2017.

Mah Sing pioneered its iParc series in 1994 and subsequent iParc projects adopted the 4-in-1 business concept where both front- and back-end operational processes are catered for.

Front-end operations like showrooms or corporate offices can be housed in the same space as back-end operations like warehousing and production.

Source: Bernama

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